Thryv Holdings, Inc. (NASDAQ: THRY) recently hosted its analyst day, where Chairman and CEO Joe Walsh presented the company's vision for expanding its small business software platform. The presentation highlighted Thryv's recent acquisition of marketing automation leader Infusion Software, Inc. (dba Keap), its business performance, key strategic priorities, and financial outlook.
One of the key takeaways from the analyst day conference was Thryv's Saas metrics. The company is positioned for long-term Rule of 40 performance and is on track to achieve majority Saas revenue in 2025. Additionally, Saas EBITDA is expected to be the majority of consolidated EBITDA in 2026, with total revenue and EBITDA projected to continue growing in 2027 and beyond.
The acquisition of Keap is expected to bring cost savings and an enhanced competitive advantage to Thryv, as well as accelerate the innovation roadmap with the expansion of product development and engineering teams. Furthermore, Thryv anticipates benefiting from a mature partner channel and deeper market penetration in North American and key international markets, including Europe and Australia.
Thryv also announced the launch of two new centers: the Thryv Reporting Center™, which provides key performance metrics to business owners, and the Thryv Workforce Center™, slated to launch in the second half of 2025, streamlining employee management and payroll for small and medium-sized businesses (SMBs).
Looking ahead, Thryv provided an update on its long-range Saas metrics. For the 2025 outlook, the company expects organic Saas revenue growth of 18%-20%, Keap revenue of $75m-$78m, Saas adjusted gross margin of 74%, and Saas EBITDA in the mid-teens margin with $10m of Keap synergies. Medium-term outlook projections include organic Saas revenue growth of ~20%, a return to growth for Keap revenue in 2026, Saas adjusted gross margin of ~80%, Saas EBITDA margin of ~20%, and a decline in marketing services revenue of ~35%.
Thryv also provided an update on its marketing services, announcing the exiting of marketing services by 2028 and a lengthening of the print directory cycle from 18 to 24 months. The company aims to rationalize costs while migrating digital clients to Saas subscribers, with the print business projected to provide robust unlevered FCF of approximately $250-$300 million from 2025 to 2030.
Thryv Holdings, Inc. is the provider of the leading do-it-all small business software platform, empowering small businesses to modernize how they work. The company's customizable platform features four centers: Thryv® Command Center, Thryv Business Center™, Thryv Marketing Center™, and Thryv Reporting Center™, and is utilized by approximately 300,000 businesses globally.
As a result of these announcements, the company's shares have moved 3.4% on the market, and are now trading at a price of $16.63. For more information, read the company's full 8-K submission here.
